There are 92 million Millennials in the U.S. today, and their combined spending has reached a staggering $600 billion per year. This group of 21-36-year-olds has officially surpassed Baby Boomers in population, and is now the country’s largest living generation. Millennials are known for their rejection of traditional advertising, and rapid adoption of new technologies. Brands should adjust their strategy to reach Millennials through social media and influencer marketing.
In a whitepaper published by Cisco, video is predicted to greatly outperform all other online mediums in the coming years. Brands are preparing for the shift, with U.S. online video ad spend projected to hit $17 billion by 2020. To keep up with the trend, marketers must plan to increase investment in digital video.